But City of Derry Airport said the route would now not go ahead, and Citywing was unavailable for comment.

Economist John Simpson said the loss of the potential route was another blow to the City of Derry Airport, where Ryanair is the only operator.

He also added that the more the road system on the island of Ireland improves, the less need there will be for routes of around 200 to 300 miles, such as the Dublin to Londonderry one.

An airport spokeswoman said the route required additional funding, as well as the government support. She added: "The impact of the referendum vote in favour of Brexit has led to significant devaluation in the pound.

"Given that the airline industry operates in euro and dollars, the economics of the route deteriorated to a position which has made the operation of this route commercially difficult."